Micron faces a June 24 earnings test after shares surge nearly 300% year to date

Micron Technology is set to report fiscal 2024 third-quarter results after the close on June 24, with the market looking for revenue of $34.8 billion and EPS of $19.72—up 268% and 930% year over year, respectively. The article argues that in an AI-driven market with stretched valuations, merely meeting expectations may not be enough to support the stock. It says Micron may need to both beat estimates by a wide margin and lift its forward guidance to avoid near-term selling pressure. Shares are up nearly 300% year to date and about 830% over the past 12 months, leaving sentiment highly sensitive despite a forward P/E below 10x.